As April winds down, it's time for another rental market check from the folks at the Real Estate Group New York, whose latest Manhattan report is out today. And there were some April showers: rents fell about 0.6 percent from March, with a steeper 2 percent drop in non-doorman units. At the same time, inventory rose 3.84 percent, an increase TREGNY attributes to heavy turnover as the peak rental season begins. But these numbers look better with a side of 2010 stats: Manhattan rents rose 6 percent compared to April of last year.
As for neighborhoods, TREGNY sends bargain-hunters to the Upper East Side and Soho. On the UES, non-doorman rents dropped 5.67 percent. Downtown, Soho's seen a 17 percent drop in rents since the neighborhood's peak in October 2010, including a 5.67 percent drop this month. You do hate to see that?if you're a landlord. But the pendulum could well swing the other way if the heavy rental season lives up to its potential.
· Manhattan Rental Market Report [TREGNY]
· Rental Market Report coverage [Curbed]